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Your new firm should be giving advice on how to resign, if not you should seriously reconsider your move. As far as a timeline goes, unless you have disclosures, your U4 should process pretty quickly- should be a day or less. In my experience I resigned at 8:00 am and was cleared for business by noon the same day. Good luck.
That's great to hear. I haven't done this before so while I do plan to talk to the new firm about it, I just thought I would ask my peers as I was thinking over exit planning this evening. Thanks!
As an FA you should not give notice to go to a competitor until the day you leave. Your current employer could fire you before you actually leave and that could mess with your U4 and ruin your chances with the new firm. Most advisors quit on a Friday morning so new firm has your U4 processed the same day. Then you can contact your clients over the weekend before your old firm can reassign them on Monday. Sounds sneaky but pretty standard stuff.
Community Builder
Most non-protocol firms have crazy non-solicitation contracts that sound scary on the surface, but often times have no teeth or massive loop holes, depending on which firm you are at.
Depending on the state you are in, most of what is in your contact is totally invalid. For example, Texas is a “right to work” state, so you can come and go as you please, just like they can fire you any time they want, for any reason, as long as it’s not an illegal reason (discrimination, false accusations, etc.)
I left Edward Jones, and they have a scary non-solicitation agreement, but I was still able to contact my clients to let them know where I was at. I didn’t break any rules, and simply used the same script that Edward Jones gives their transfer brokers on the rare occasion that they actually recruit one.
We have helped about a dozen advisors move firms in the past few years, including 6 in the past 10 months and 1 is moving in 3 weeks. If you are open to it, I would be happy to discuss offline, including connecting you with an attorney to help you through all this. If the firm you are going to didn’t recommend speaking with a securities attorney, I would recommend not joining that firm.